Notes & Sources

Total institutional grant aid to undergraduates rose by 48% ($12.4 billion in 2017 dollars) between 2007-08 and 2012-13 and by another 27% ($10.4 billion) between 2012-13 and 2017-18.

Pell Grants rose by 99% ($17.0 billion in 2017 dollars) over the first half of the past decade and then declined by 18% ($6.0 billion).

Federal loans rose by 41% ($21.1 billion in 2017 dollars) between 2007-08 and 2012-13 before declining by 23% ($16.4 billion) over the next five years. Federal loans declined from 41% to 30% of total aid to undergraduates over the decade.

The largest percentage growth in aid to undergraduates between 2007-08 and 2017-18 was in veterans benefits, which more than tripled, from $3.0 billion (in 2017 dollars) in 2007-08 to $10.8 billion in 2017-18. Federal tax credits and deductions doubled from $7.6 to $15.5 billion.

Figure 3 reports total aid amounts to undergraduate students. The 47% increase ($58.6 billion in 2017 dollars) in total financial aid to undergraduates between 2007-08 and 2017-18 supported enrollment growth of 6%, from 11.8 million to 12.4 million full-time equivalent (FTE) undergraduate students, yielding an increase of 39% ($4,120) in total aid per FTE student.